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tv   Closing Bell  CNBC  June 22, 2012 3:00pm-4:00pm EDT

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>> thank you for watching "street signs" today. >> thank you everybody, i'm just waiting for the game show -- "closing bell" is next. >> happen friday to you, welcome to the "closing bell." markets are up, guess who is leading the way? the banks. >> the bank stocks, who would have thought it. after moody's cut scores last night, some said the move wasn't as bad as they thought. albert robertson said you want to buy the banks, that's exactly what it is. >> you heard it from the ceo of morgan stanley as well. >> investors started buying today, that's why you're seeing banks all rallying despite the downgrade last night. even with the uptick, it's on
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track for a weekly decline thanks to yesterday's selloff. we're coming back back to it, up 81 points now on the dow. the nasdaq is up 1% leading the way up to up side. that is the high now, and the s&p index is at 1336. let's get to the markets now in today's closing bell exchange. we have rick santelli and steve leisman. >> i think we were oversold yesterday. a week ago, we thought we would get potential global easing if greece was not successful in terms of their elections. that didn't happen. then we thought the fed would do more than twist on wednesday. at the same time the markets
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rallied 6.5% into these events. i don't think a lot of it is new. we have been decelerating since march. it's just a reality that we're slow but we took a big dip and i think there were value togs be had. >> i think there is a pretty good khorus out there, if you can think it today you should write it today. if you think you need help today there are many that think they should do it today. i wonder if there is a negotiation going on with congress and ben ber nak --
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bernanke. he could do qe 3. >> you have the decision on health care and a lot of issues that will be front and center in a very short period of time. i think you're right. i think this cliff is among the big issues here in terms of what happens next and dictating policy. >> i want to add something, we're seeing forecast come down for most of the rest of the world. so whatever problems we have here, in fact, our 2.1 growth is looking row gust compared to the rest of the world, and the emerging markets are not doing well right now. >> you know, if was a choppy week in my arena, it was counter intuitive, but if you look at the monday through friday yield closes of a ten year, it had a nine basis point range. so not as much as you would think. next week we get our last look
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at first quarter gdp, no big deal, but we have supply, and i think we will continue to try to handicap what you and steve are talking about. there might be a lot of economist that think they should have done more, but i can bring you a boat load of traders -- >> what's bigger a chorus or a boat load? >> it depends on the time zone you're in. >> jeff cox, what about those banks? were we expecting the worse and relief that it didn't happen? you know, a bigger decline than we got? >> the idea was that the downgrade would be three mochs for most of them, it ended up being two for all except for one with a three and one with a one. so the bad news isn't just awful news kind of a thing. there are two things i have in mind beyond that. if you look at this relief
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rally, look at the dow transports. so that's one thing i'm considered about. anything ting is the moral hazard we have. how about the moral hazard of the stock market that we dropped 251 points on thursday because the market wanted ben bernanke to come in with another trillion dollars of easing after a net 500 point stock market drop from our highs in may. >> you're trying to make sense of market action? >> let me get your take on something else happening today. stephanie, what kind of an impact will this have? >> it is always a big deal, and obviously it impacts certain stocks that are moving around, and the volume has been light
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for the last several fridays. it will help, but i think it's artificial at this point. i think this felt like a summer friday today. >> what are you looking ahead to? >> next week everyone will be thinking about the eu summit, but you have a couple earnings that come out that could be interesting in terms of market moving. i'm looking at nike. you will get a look at the consumer, and i think that will be pretty interesting. >> of course you have the gdp out on thursday. >> right, steve leisman, we have the fed meeting out of the way now, what is on your radar screen? >> the first thing, certainly the economic data, and it's a little like you can forget about
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everything else. what i would be listening for as we heard a couple of the hawks speak, a bully in the middle, listen to bernanke coming out, i don't know if he is scheduled to speak next week, i would want to see how close their finger is to the trigger. if they're talking like they're ready to move right away. it was certainly the impression we got from bernanke if the numbers slip in a way that makes them convinced that's where they're headed. it was a strong hint of a promise. >> thank you, folks, have a good weekend. let's dig deeper into some other big movers today including a medical device maker. >> let's take a quick check at the markets rebounding after having the second worse day of the year. the dow is up 72 points, s&p up
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by 9, and the nasdaq by 6. at a time when investors are hunting for yield, metronic it is, it's the 35 consecutive year they boosted their quarterly profit. and electronic arts is down, and first solar is up % after saying it resumed work in los angeles. keep in mind, it's still down 87% over the last year, and lastly, a big loser for today, ryder systems, cut their quarterly forecast saying there was weaker demand for their rental services. the stock down better than 13%. maria back to you. >> thank you so much, about 50
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minutes before the closing bell sounds for the day and the week. the market pushing forward going into the weekend up 72 points on the dow industrials. >> don't go away, in the final hour of the trading week, it could get interesting, more coming up. >> all eyes have been on the fed and the banks this week. don't look now, next week could be do or die week for the euro zone. we'll explain, next. plus financials struhruging offe downgrades. and with facebook plummeting, would you rather own facebook or morgan stanley? [ male announcer ] we imagined a vehicle that could adapt to changing road conditions. one that continually monitors and corrects for wheel slip. we imagined a vehicle
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. welcome back, financials and the broader market bouncing back today after the moody's
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downgrade last night, simon has details now. >> it looks like we do have a problem coming into next week. >> merkel believes she can restore market confidence by driving each euro zone leader to sacrifice control of their budget to brussels, and that after years there could be joint issuance of debt. but the new french president was brutally at odds. they said they should not take ten years to introduce euro bonds. and he asked for key issues in exchange for next week. there can be no transfer of sovereignty. he would like bonds to buy up
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spanish or italian dead or move objections to a banking union and then a bank deposit guarantee. the danger is those are deadlocks with the central issue that they painted themselves into a corner and promised for greater deliberation. without any agreement, there is no fig leaf for which merkel can feel free to deal with the contagion that is threatening to engulf spain and italy. >> now she has the new guy in mace and we're still at odds. >> she did campaign for sarkozy. we nude it would be difficult. >> stay right there, more comments out of italy, is it really a do or die situation at this eu council summit coming up
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next week? >> peter shiff and says europe has to go big or go home. you disagree that monte is serious here. do you really think there is no room for failure next week? >> there's room, but this constant stream of the mini bailouts is like water torture for the market. they will not work. unfortunately what they're going to have to do is really have to put the full faith and credit of the stronger northern european economies behind the debts of the other economies. that's the only thing that's going to work. but that's the choice. either they deal with the pain now, or they deal with bigger problems in the future, but they have the resources to postpone the pain if they want to make that mistake. i would hope that cooler heads
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would prevail, but it's very biblica political. >> we all know politicians don't act for real until there is a crisis. >> it's important to mention that mario monti is not as secure, and he has to deliver. they believe they're doing austerity big time. they need to be able to show to their populations it's worth it and bring their yields down. the danger is that merkel remains intransigent, and the political will ebbs away. don't for the suggestion it was not blasfamy nor grease to
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leave. >> they talked with david leadershipton today, listen to what he had to say about a true problem with bailout money. >> sensibly, no one wants to provide money when you don't have any influence or control over how it's used. >> is that part of the upset there? they just don't know where that money is going? >> the bigger problem is the moral hazard proviling the bailout money. you enjourge thetivity that cause them to be necessary in the first place, and then europe will have a bigger problem, once they con since the bigger economies to stay, how do they convince the stronger economies to stay? look at a country like finland, norway is not in the euro, sweden is not, right now there. >> steve: support for the euro in fin land. it will cost them a fortune to stay there in terms of lost
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purchasing power of the euro. that's a bigger problem they have to face. >> the germans would love to stuff the spanish with money, but the german's say to have the money you have to come under our strict control, and the spanish are resisting that money being forced on them because they don't want the control. it's slightly different than you're arguing at the present, and it's important because if they seem to take a full bailout, when then happens to spanish sovereign yields? i guess that was rhetorical. >> yeah. >> gentleman, thank you, we'll all ponder the impact it is have on spanish yields. >> thanks simon and peter. >> heading to the close here we have about 40 minutes left on
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this trading friday. >> we are talking numbers on health care next. >> and pa point of view hard to find, a chief financial officer of a small business say the reversal of the health care law would cost them a lot of money. ...the united states would be on that list. . in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. all in one account. keep watch on the markets. or use our exclusive tools to help find ideas. it's powerful, easy-to-use technology for trading stocks, options, and futures.
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welcome back, we have headlines on facebook and zynga, let's get to jew ya on that. >> that's right, facebook quietly took a big step toward launching their new ad network. today, they started running ads and sponsored stories on zen it's using the same technology is uses on facebook and is sharing the revenue with zynga. this would be facebook in direct competition with google and companies like microsoft. they use the ad americas to distribute ads across the web. facebook won't comment on it but that's the direction things seem to be going in and facebook
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certainly left the door open. back over to you. >> thank you very much. the energy sector is lagging at the broader market. courtney reagan has more on that. >> right now, bill, oil prices are higher on the day. we tested that 79 and 99 level a couple times, the oil prices did settle back down, but traders tell me it's all short covering. there's a bearish sentiment out there. the global growth concerns did not disappear overnight, and we're looking at this, watch this crude, contango. >> we are headed to an important decision next week, in the final
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stretch of trading next friday, and all eyes on washington as ww await the details and the ruling from the supreme court on the health care legislation. we want to talk about this potential decision on obama care that we are expecting monday or thursday next week, what might be the health care. on the technical side, we have rich with us, and on the fundamental side, steve weiss. thank you very much for joining us, good to have you on the program. rich, let's look at health care. >> the health care sector has been a great way to weather this. let's look at the health care sector etf. we see the well defined uptrend from the october lows. this takes us into this head and shoulders continuation pattern. we're into triple top resistance. we think the forty time is a charge and we're looking for a break out. we're a buyer of health care
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right here. >> so this right here, this -- you think we're going to see another -- you want to buy them right here? how much of a move might we see in income stock in. >> we think the health care sector as a whole could trade up to 40, perhaps 41. that's a nice up side. we think the great way to play it is a old school classic. this is extremely compelling on merck. we have a textbook break out. this is not just a fresh 2012 high, this is a four-year high, we're a buyer on this break out right here. so merck is one to watch. steve, what do you see on the fundamental side? >> nothing changed on the big one u.s. like merck.
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it's been a great place to ride out the economic and find yield. as far as the supreme court decision next week, i keep this hidden from most people, but i was a practicing attorney, and there's no way to anticipate the outcome of any decision. unlike we what saw with the downgrades of the banks, but we have no idea what's going to happen. i would like to see what tooks do, and then i would short it. i think it will be a weak quarter, we already saw that. so it's not necessarily about the decision, but the expectation of a weak quarter. thank you so much. bill, over to you. >> heading toward the close here with the dow going down 66 points. so the banks are trading higher today. now they say now is the time to
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buy banks. and morgan stanley is a better bank stock today. would you rather buy morgan stanley or facebook? give us your thoughts on that and tweet us @cnbcclosingbell.
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so we mentioned stocks rallying back today. mary thompson has more details for us. >> as we go to the close we're about 20 points off the best levels of the day. some people said we were a little oversold going into today's session after yesterday's concerns about the global growth. but let's see how we're setting up for the week. the nasdaq is higher. as far as the worse performing sectors of the week that were broadly lower, energy of course, weakness in energy prices, utilities under pressure too, and consumer staples in the wake of the disappointing progress.
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now, as we ahead into the last trading weak of the month, this is how we stan, the dow, nasdaq, and s&p showing a 2% gain and the best performing sectors have been telecom and mc. today financials are the best performing. again telecom, mc, and financials. >> rallying or not, the next guest. >> eddie: guest says forgets the county grades. he is todd shoneberger. >> tot, why don't you like the blands here? >> several hurdles, you can look at the regulatory problems we have right now. it will cost been $650 million of that bottom line, so you
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think about the bullseye on their backs. aes europe, $500 billion in sovereign debt, you want to stay away from those banks right now. >> we know all of the negatives, these are real issues, why would you want to buy into this group now. >> the main issue is the pace here. all that has been brought up here is largely in the rear view mirror. the conditions that existed well before the banks really took major strides to gurt credit california in the capitol position. we're at a critical junctionture.
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the euro zone is at a tipping point. all of the news right now is very negative and embedded in stock prices. >> don't you think a lot of the fears are in the tooks a and b. it pays you to hang on to these stocks, sfligt. >> you talk about the dividend, we're talking about january 1st, you might see a hike, so why would you buy a dividend. it doesn't make a lot of sense, and then moving forward, look, mj is talking about this economy is moderating or improving, it is hardly from that. this thing is going south. that's a big reason to stay away from these banks. the american out hold are taking home more debt than income. they're not borrowing, stay away from the banks. >> mj, you're saying you could
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get at 15% to 20% move in these stocks. >> easily. i would say you have all right 159% improvement in the european index from lows in march. they're down 20% and 30% sometimes, and you can definitely see that bounce back. we're looking at things like rail carloadings, the pmi numbers, looking at where junk bond yields have come back to housing prices starting to increase, record mortgage lows. >> todd, we're not buying this, so what has to happen to turn you positive on in group, todd? >> i really wanted to hear from chairman bernanke to have a qe program. he didn't do that and he won't
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because of the political problems. so moving forward right now you have a u.s. economy destins for a recession, a global economy, and europe is a ticking time bomb. i see nothing out there for a bullish catalyst right now that should be invested in any of these banks. >> mj, what would have to change? >> europe is at a tipping point. and there is a chance that, you know, the euro breaks up and that those economies go from the fail spin they're in now to a death spiral, we just don't think that will happen. >> oh it's going to happen. >> thank you both, with your resolve, good discussion, thank you for joining us today. >> 25 minutes until the market closes for the day, they are holding on to a gain. >> and it's clear this market
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wants action from the federal reserve, but are investors doing something that makes it less likely the fed will help out? >> and the case for reverse mortgages, somebody here will make it, but he has a tough sell, we'll have the debate coming up, stay with us. >> first, before we go to break, the dividend. which beer maker stock is the outperformer? the dividend pays off after the break.
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just before the break, we asked which we're maker stock is this year's outperformer? now the pay off, anheuser-busch that has reasoned more than 10% year to date. >> tech today is helping lead the come back today. jackie has that angle. >> the nasdaq the best performer on a percentage basis today. take a look at the top five,
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first solar has been the leader all day after the company announced they would restart a project in california and rehire 230 furloughed workers for that. this project is key because it will account for 30 to 40% of the company's earnings this year. this stock is down more than 50% year to date. seeing buying and short covering. gains in bio tech strong as well wi . >> the ek adequate if i markets had a lot of valuetity after having clawed back from the second worst decline of the year, the s&p is still looking to finish on the downside. >> the market may need a 12% drop before it can hope for further fed intervention? we bring in our guests for thoughts here.
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and hank smith is here. i know in the past we have talked about the banks a lot. what's your take on the ground grade that we saw last night? interesting so see the banks trading up? >> irrelevant. the spreads have come down after that. so as usual, the rating agencies are behind the curve, and the downgrades should have occurred three years ago, not now. the banks are in better shape, they passed the spring stress test with flying colors, so why get the downgrade now? >> a big sell off yesterday in part because of the disappointment in the fed action. he would like it if there was qe 3. >> i think it was clear from the fed statements that they don't
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feel comfortable into a full launch qe. so we have the extensions, and i think that's about as easy as they want to go. i think if there is a liquidity crisis or there does seem to be a shake down, they might use more aggressive language, but i don't think we should be banking on a normalized qe. >> how does this stimulus impact the markets for the rest of the year, how does that play out. >> i think it's a good backdrop to treasuries, they will not be volatile at all. they will be in the range of 160, and i think it provides a backdrop. i think they will keep the inflation expectations down. with that market fairly stable, it should allow people to be a little more experimental and risk taking on the asset
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classes, that's all they can do right now. >> the economic data continued to deteriorate, what does that do for your investment fi philosop philosophy? >> we think equities are attractive, if we stay in this low interest rate environment we think the focus will come back to big dividend paying stocks, and growing those dividends that looks very attractive in a low yield environment. >> does anything change if dividend taxes go higher? anything change with that trade? >> it's only been since 2003 it's been a preferential tax. prior that that dividends were always tacked at the marginal rate, and they did pretty well. so it doesn't mean they will do poorly just because the marginal taxation goes to marginal rate? >> who do you like? >> i like companies with good
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management and margins, ones that we continue to buy in, church and dwight. >> so you're going stock by stock, not by sector by sector? >> no, because then you -- we like stocks and the names and the management behind it. world tech makes everything you see under a railway carriage they make, it's very interesting. >> are earnings estimates too high at this point. but, you just wonder if some of the estimates are too high as you see a low down happening across the world. >> i think a little higher, i think the banks will not be as strong as they think, and there will be foreign exchange correction. >> any european stocks you would look at here?
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>> most of our companies have european exposure from one extent do another. relative to the u.s. >> there might be companies beaten down that deserve to be. where the economy is slowing, but it's doing better than in other parts of the continent right now. >> 30% or more already be banks. so they don't have the breadth of the more industrial companies. the index has a 5% waiting in tech. so you know, you're sort of once you're in those markets you're in financials. >> that's great, thank you very much. >> we'll see you on the countdown coming up. >> and we're strengthening. >> i said i don't know why this market wouldn't sell off because who would want to sell markets into the weekend. >> but you said that was last
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week. >> up 87 points right now. >> facebook is also a hot stock, a two week winning streak of facebook. is it time to friend fb stock? >> and that got us thinking would you rather own facebook or morgan stanley? tweet us @cnbcclosingbell. laces? really? slip-on's the way to go.
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the markets, were so busy focussing on the fed and the banks downgrade, one of the biggest things was overshadowed. >> yes, facebook made a major comeback and is riding a two week winning streak and is trading at about $33 a share. >> it is time, i know there will be legal changes and finger
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pointing, it's time for the market to assign a value to this company and the leaders of facebook to grow it. >> we were looking at the fact that mobility is generating less revenue, and it's harder to make money. and that was part of the reason that the stock traded down, what would you rather own? would you rather own facebook or morgan stanley? >> either or, both have been in the news, morgan stanley was downgraded, but really morgan stanley emerged at the winner of those downgraded, because he expected a two notch downgrade instead of the three. >> they lobbied hard to regul regularlators too to see a two notch instead of three.
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so send us a twee tweet @cnbcclosingbell. what would you rather own? >> i'm a journalist -- >> you hate when do i that. >> but look, the market is up 90 points right now. >> you're right. >> we have that on videotape too, coming up we have a closing counttown. harvey weinstein is supporting president obama's campaign. ♪ ♪ [ male announcer ] not everything powerful has to guzzle fuel. the 2012 e-class bluetec from mercedes-benz.
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trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. okay, okay, coming up on the five minute mark here, and we close out another volatile week. we were relieved from the greek elections, the fed ratings, the moody's down afraid, and a lot of the charts will look similar
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for the week. we start with the euro, the kind cay tor we key off of, and you have the relief rally, and then the disappointment after the fed wasn't more disapointed, and now the euro is down now half a percent for the week. do you realize we have thad three 200 point moves for the do you this week alone. here is the third one, down yesterday, and now we come back a little bit, but still for the week down about three quarters of a percent. the 30-year, the treasury was very volatile this week. especially on fed meeting day. look at the volatility during the news conference when chairman bernanke was with the economy. now they have a big yield at 2.5%, and for the week that yield is up 2.7%.
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price of oil at this point we're at about the lows for the year. we were right here at the $77 range, and we have just gotten back on the price of crude oil. still down about 4.5% for the week, and the spread. we highlighted this as well. getting the spread between london and new york oil and it levelled to numbers we saw last winter at the $ 1 range. oil has been an under performer here lately. the same thing for gold bouncing back here today, down three plus percent. for the week, the sectors among the s&p, the ten sectors here, health care leads the way with gains of 1.1%. i will throw you a curve ball. i know you're not a sector guy, but the gains for health care, we're waiting for a supreme court ruling on health care,
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maybe it could come monday or thursday, would you will being tostep in front of that ruling and buy any health care stocks? >> yes, whatever the ruling is is fairly well priced, it's removes a serve amount of uncertainty. remember, this was the number one concern of the national federation of independent businessmen. once that's out of the way, that gives them a platform to work on. we like pfizer, and -- >> health insurance companies? >> they have been ones they with have dipped into because some of their concerns go away. we're still not in the devices, so we would pry hold back, but the drugs and big pharmas are
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attractive. >> what is the further message with the tremendous volatility we have, disappointment that the fed was not more aggressive with their policy. >> right, they were disappointed. they wanted to welcome further easy, but here we have a big rebalancing going on right now, and the it looks a little biassed. also you have to remember, tuesday for traders end of the month and quarter and half. you could see a pop in energy as president guys get back. we could have a nice week next week. >> what are the expectations for europe? >> no, this is kicking the can down the road. you will probably get short news out there, but in the long run their not creating any jobs. >> i think it's a try yuch of hope over experience. they go into a meeting, summit, weekend, or holiday, whatever it is they say grand things and
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little happens. there is no one in charge in europe. >> merkel could be argued at the swing vote on the bail out and what it takes. >> she has veto power on everything, that's not the same as being in charge. many of the great economies are out there, if you go to the central bank web page, there is very good proposals out there. it's not closed through on the execution sights. i'm afraid we will go through this one mini crisis after another. >> technology, quickly, for all seasons, is that still something to turn to? >> yes, it has a nice little run ahead of it. thank you for joining us, we're heading to the weekend just off the highs here, but again this russel


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